Looking beyond Christine Bell sees positive times ahead for Swiss Re Corporate Solutions as businesses take a fresh look at how to manage risks By Wendy Pugh
C
hristine Bell has taken up the top job at Swiss Re Corporate Solutions in Australia at a critical – and opportune – time following a period of disruption. Natural catastrophe losses are testing underwriters globally, businesses are facing insurance market challenges and there’s debate about what the “new normal” will look like as firms reconsider their risk exposures. “I’m not sure we know what a ‘new normal’ actually is, but for all of the uncertainty it has brought, the anxiety, the stress – there has been an abundance of that – I do feel the pandemic has probably taught us many things as well,” Ms Bell tells Insurance News. “We have probably all learned a great deal around resilience, and from a business perspective it has really put the emphasis on business continuity plans, risk management, and really thinking about the ‘what if’ scenarios in an organisation.” Ms Bell was named Swiss Re Corporate Solutions Country Head Australia and New Zealand in the middle of last year, taking up the role in August. Previously she was Chubb State Manager NSW/ACT and has held significant roles at QBE and Vero during a three-decade career that started with AMP. “Swiss Re Corporate Solutions is synonymous with innovation, and it’s an organisation that is all about sustainability and making the world more resilient for future generations, which is inspiring,” she says. The global primary insurance arm of Zurich-based Swiss Re Group has had its challenges in recent years, leading to pricing increases, portfolio pruning and expense savings. The unit reported a net income rebound in the first nine months of last year and was on track to achieve its profitability target. “Having observed its turnaround journey as an outsider, the opportunity to contribute to the company’s growth journey is absolutely what drew me to the role,” Ms Bell says. When she arrived at the company’s Barangaroo base a lot of heavy lifting had already been done around reviewing the strategy and resetting the business. She says it was an opportune time for someone new to come into the local operation, and to bring
36 insuranceNEWS
February/March 2022
fresh eyes in taking it forward. Swiss Re Group dates back to 1863, while Corporate Solutions began in 2007, and has some advantages as a relative newcomer that can draw on the global firm’s strengths. “We are not encumbered by legacy technology systems, and I feel that helps differentiate us in this market,” Ms Bell says. “In addition to that, it’s an organisation that continues to make investments not only into data and digitalisation, but also into operational efficiency, underwriting discipline and excellence.” The insurer has traditionally been recognised as a property and energy underwriter, with a strong lead position in the mining sector. In other segments it has been more a provider of additional layers of cover. “We are focusing on our next phase of our journey, which is to make our strategic repositioning sustainable and resilient through market cycles,” Ms Bell says. The business plans to expand its position as a primary lead underwriter for property and liability, including in mid-market and commercial risks, and is diversifying the portfolio through long and short-tail products, with a renewed focus on primary casualty, and expansion of the professional indemnity and executive risk portfolio. “The other exciting part of our growth strategy also includes a really strong focus on our international program business in all the primary markets,” she says. The insurer is increasingly focusing on innovative services that go beyond traditional risk transfer, aiming to get closer to customers and enabling it to understand their data and gain greater familiarity with their businesses and their requirements. The emphasis on sustainability has included investments that enable clients to quantify the impact of physical climate risk on portfolios currently and into the future. Climate is one of the biggest risks for the insurance and reinsurance industry and is a priority for the business and its customers, she says, while Swiss Re in general has a strong focus on environmental, social and governance (ESG) issues. “Through our group sustainability strategy we aim
